One likely reason that the country of Appleland is poor is that it
a. does not produce many goods and services
b. has highly educated and productive female workers
c. has a low birth rate
d. enjoys a low infant mortality rate
e. has a high literacy rate
A
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After the sugar substitute saccharin was found to cause cancer in laboratory mice, its price dropped dramatically. This change in the price was because
A) the supply of saccharin decreased. B) the demand for saccharin decreased. C) the government ordered the price reduction. D) saccharin producers felt sorry for their past customers and were making an honest attempt to compensate them.
Keynes used the term "animal spirits" to refer to
a. policy makers harming the economy in the pursuit of self interest. b. arbitrary changes in attitudes of household and firms. c. mean-spirited economists who believed in the classical dichotomy. d. firms' relentless efforts to maximize profits.
Ahmed bought the same goods and services this year as last year. But, he has experienced inflation. This means ________.
A. he has more income to spend on goods and services B. the prices of goods and services has increased in general C. the prices of all his goods and services has increased D. he can afford to buy more of everything
Which of the following explains why employment only rises at a slow pace at the end of a recession?
A) Firms are hesitant to rehire laid off workers as they continue to operate below capacity. B) Firms rapidly hire new workers at the first sign of an increase in demand for their goods. C) Discouraged workers return to the labor force, and this makes the unemployment rate fall. D) Discouraged workers leave the labor force, and this makes the unemployment rate rise.